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Why does this site use the right hand column to SPAM “The latest investment ideas? Should this not be a thread dedicated to discussion pertaining to TLG? For disclosure I’m long over 600K of TLG and will continue to hold. Good luck.SMF069
It's hard to say exactly why excpept for the fact that NG & Oil specs have been lagging well behind the commodities. I'm just glad I picked up some shares at $0.45. Blind luck but I'll take it.
I'm sure there was some profit taking today but I wouldn't be the least bit suprised to see the SP head through $0.60 this coming week.
Good luck.
SMF069
I tend to agree. I've held EXN before and bought 50K shares on the most recent dip. I believe the price of silver will cooperate going forward.
Now if they could just find that elusive CRD.
Good luck. SMF069
NEW YORK, NY, Nov 23, 2009 (MARKETWIRE via COMTEX News Network) --
Encore Renaissance Resources Corp. (TSX-V: EZ) (PINKSHEETS: ERRCF) says it will commence underground mining at its Bonaparte Gold Mine after receiving the go ahead by Canadian mine regulators. The gold mine, which is to ship ore to Kinross' Gold's Kettle River Mill in Washington, is one of the few junior gold mining companies
to make the move from exploration to production.
Encore Renaissance's President Michael Mulberry, was quoted in an early morning release as saying, "This is a substantial milestone. There are few junior companies that become actual producers, and we are proud to say that we will be joining that group in the coming weeks."
EZ's Bonaparte Gold Mine shipped 500 tons of ore to Kinross Gold Corp.'s (KGC) Kettle River Mill in September. KGC acquired Kettle River through the acquisition of Echo Bay Mines Ltd in June 2002. The acquisition moved KGC to the level of Senior Gold Producer. KGC has since continued expanding through acquisition, having recently announced a bid on Teryl Resources 20% stake of its joint venture Gil property which adjoins Kinross' Fort Knox Mine in Alaska. Encore Renaissance said indications from its sample tonnage sent to Kinross' mill came back at 1.4 ounces per ton on a 97.5% rate of recovery, which amounts to a near-bonanza grade of gold.
Bonaparte Gold Mine operator, BCT Mining Corp's President, Roger McClay, told AXcess News in an interview that production costs would run about $425 per-ton and that the Company would be gearing up to produce as much as 120 ton-per-day shortly.
McClay explained that the veins are one to two meters wide with "consistent grades" that McClay says are "hard to find." The mine operator explained that further tests indicate grades of 26.5 grams per ton within the "Crow Vein," which some 200 holes had been drilled since its initial discovery in 1994. This summer, BCT Mining trenched even more veins on the property with grades consistent with the Crow vein, though McClay would not give details.
When asked about further exploration at the Bonaparte Gold Mine, McClay said that if production levels could be brought up to 120 ton per day or higher, Encore would be one of the few junior gold mining companies that wouldn't need to raise further capital if gold prices remain at current levels. "We're just going to go do it," McClay stated.
Excellon Reports 1st Quarter Profit of $967,133
12/15/2009 4:06:04 PM - Market Wire
TORONTO, ONTARIO, Dec 15, 2009 (MARKETWIRE via COMTEX News Network) --
Excellon Resources Inc. (TSX: EXN) (the "Company" or "Excellon") reports first quarter earnings of $967,133 for the three months ended October 31, 2009. (For full details, please see the Company's Management Discussion & Analysis and Audited Financial Statements, which were filed on SEDAR, www.sedar.com, on December 15, 2009.)
1st Quarter Highlights:
- The Company reported its second consecutive profitable quarter.
- In Q1 shipped 1,661 dry metric tons ("DMT") of silver-lead concentrate with payable metal of 363,291 ounces silver and 2,102,749 pounds lead; shipped 1,943 DMT of silver-zinc concentrate with payable metal of 30,649 ounces silver and 1,855,730 pounds zinc (on a provisional basis)
- Expanded the exploration drilling program at the Platosa property to four drills with continuing favourable results
- Expanded Mineral Resource as follows:
Tonnes Indicated Inferred
-----------------------------------
Opening February 3, 2008 396,000 72,700
Production (79,000)
Additions 262,000 87,300
-----------------------------------
Closing October 31, 2009 579,000 160,000
-----------------------------------
-----------------------------------
- Subsequent to the quarter end acquired 100% of additional Platosa land from joint venture partner
"Strong operational and financial performance continued in the 1st quarter ending October 31, 2009." commented Chris Hopkins, Excellon's Chief Financial Officer. "We are very pleased to have continued with another profitable quarter. With good cash flow we ended our 1st quarter with $8.4 million in cash and we remain well positioned to continue to build on our strong foundation for growth and exploration program in the coming months."
Financial Highlights
Three months ended
31-Oct-09 31-Oct-08
----------- -----------
Sales $ 9,829,218 $ 1,020,374
Cost of production (including amortization) 3,503,065 1,772,086
----------- -----------
6,326,153 (751,712)
----------- -----------
Expenses:
Non-cash items 1,142,809 2,079,041
Exploration expenditures 1,511,072 2,158,218
Other 1,819,332 1,265,314
Provision for (recovery of) income taxes
- current 752,581 (131,094)
Provision for (recovery of) income taxes
- future 133,226 (189,493)
----------- -----------
5,359,020 5,181,986
----------- -----------
Net income (loss) for the period $ 967,133 $(5,933,698)
----------- -----------
----------- -----------
Earnings (loss) per share - basic $ 0.004 $ (0.037)
----------- -----------
----------- -----------
- diluted $ 0.004 $ (0.037)
----------- -----------
----------- -----------
Cash provided by (used in) operating activities $ 1,888,260 $(1,183,581)
----------- -----------
----------- -----------
Cash, short-term investments and silver bullion $ 8,448,422 $ 2,364,719
----------- -----------
----------- -----------
Working capital surplus (deficiency) $ 7,821,252 $(2,018,907)
----------- -----------
----------- -----------
Mining Operations
The following are the shipping statistics for the years ended July 31, 2009
and 2008:
3 months ended
--------------
31-Oct-09 31-Jul-09 30-Apr-09 31-Jan-09 31-Oct-08
--------- --------- --------- --------- ---------
Tonnes of ore
shipped 16,521 18,493 11,376 6,250 7,803
--------- --------- --------- --------- ---------
--------- --------- --------- --------- ---------
Contained metal
Silver (ozs.) 421,942 672,934 356,076 273,646 269,012
Lead (lbs.) 2,599,211 3,791,618 2,110,464 1,476,337 1,276,733
Zinc (lbs.) 2,600,238 3,220,837 2,660,965 1,269,544 847,726
Average grade:
Silver (oz/t)(1) 28.1 40.1 34.5 43.8 34.5
Silver (g/t) 875.9 1,248.0 1,073.5 1,362.6 1,072.9
Silver (oz/T) 25.5 36.4 31.3 39.7 31.3
Lead (%) 7.1 9.3 8.4 10.7 7.4
Zinc (%) 7.1 7.9 10.6 9.2 4.9
Payable metal:
Silver - (ozs.) 393,940 493,424 244,958 211,255 207,677
Lead - (lbs.) 2,102,749 2,575,693 1,192,823 1,122,017 970,317
Zinc - (lbs.) 1,855,730 2,041,744 1,244,589 857,367 571,800
About Excellon
Excellon, a mineral resource company operating in Durango and Zacatecas States, Mexico, is committed to building value through production, expansion and discovery. Excellon is producing silver, lead and zinc from the high-grade manto Mineral Resource on its large Platosa Property, strategically located in the middle of the Mexican silver belt. In fiscal 2010, Excellon's focus is on expanding its operating capacity and increasing its Mineral Resources at Platosa through an aggressive CDN$11,200,000 exploration program where four diamond drills are in operation. The Platosa Property, not fully explored, has several geological indicators of a large mineralized system. The equally large Miguel Auza property hosts an Indicated and Inferred Mineral Resource, was the site of considerable historic mining for silver, (gold), lead and zinc and was exploited by Silver Eagle during 2008. The exploration potential of Miguel Auza remains to be evaluated and is the object of an exploration program, which began in September.
I couldn't agree with you more. At some point the gold/silver ratio will be resolved. I doubt very much we'll ever see gold below $1000/oz due to the "Chinese Put" and central bank appetite for gold, along with apathy for the USD. In fact it's more likely we'll see $1500+ gold this year. Where will that put silver? I've held USA for quite a while and have been adding along the way. I think even $0.30 for USA is quite conservative with a higher silver price. SMF069